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India's richest five lose Rs 67,200 cr
 
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October 22, 2007 18:57 IST
The stock market on Monday halted its three-day meltdown with a 54-point gain in the benchmark Sensex, but a number of blue-chips led by the country's five richest persons continued their down-slide and eroded close to $2.75 billion of wealth from their kitty.

The net worth of the five richest - Mukesh and Anil Ambani, KP Singh, Sunil Mittal and Azim Premji -  on Monday plunged by Rs 11,015 crore (Rs 110.15 billion), taking their total loss to about Rs 67,200 crore (close to $17 billion) since October 17, when the meltdown began on the bourses.

This was in contrast to the total investor wealth, measured in terms of market capitalisation of all the listed companies, gaining close to Rs 6,500 crore (Rs 65 billion) today to Rs 54,71,500 crore (Rs 54.71 billion).

The companies, where the five corporate tycoons have promoter holdings, collectively lost about Rs 1,25,000 crore (Rs 1.25 trilion) in the past four trading sessions, taking their total market cap to close to Rs 10,32,750 crore (Rs 10.32 trillion) at the end of Monday's trading.

The total net worth of the five richest stood at Rs 5,96,700 crore (Rs 59.67 trillion) as of today.

Mukesh Ambani, the richest of all, saw a further erosion of close to Rs 4,000 crore (Rs 40 billion) today, which took his net worth to Rs 2,01,800 crore (Rs 2.01 trillion). He has seen a total loss of close to Rs 19,000 crore (Rs 190 billion) in his wealth, measured in terms of promoter holdings in his group companies.

His younger brother Anil saw a relatively smaller loss of close to Rs 300 crore (Rs 3 billion) today, as two of his group firms Reliance Energy [Get Quote] and Reliance Capital [Get Quote] recorded gains in their share prices. Anil's total loss in the past four sessions stands at about Rs 16,000 crore (Rs 160 billion), taking his net worth to close to Rs 1,37,000 crore (Rs 1.37 trillion).

The Bombay Stock Exchange's 30-share barometer index, Sensex, today rose by 54 points after losing close to 1,500 points in the past three trading sessions triggered by concerns that regulatory measures to curb issuance of offshore derivative instruments like participatory notes would adversely impact foreign investment in Indian equities.

Mukesh Ambani group's flagship company RIL's [Get Quote] shares on Monday dropped by about 2.3 per cent, Reliance Petroleum [Get Quote] shed 0.5 per cent, while Reliance Industrial Infrastructure [Get Quote] gained five per cent.

Real estate giant DLF's K P Singh saw a further erosion of close to Rs 2,500 crore (Rs 25 billion) in his net worth to Rs 1,21,000 crore (Rs 1.21 trillion). Singh has seen a total erosion of close to Rs 17,400 crore (Rs 174 billion) since October 17.

Bharti Airtel's [Get Quote] Sunil Mittal saw his net worth eroding by close to Rs 3,500 crore (Rs 35 billion), taking the four-day loss to Rs 15,700 crore (Rs 157 billion) , while Wipro's [Get Quote] Premji lost close to Rs 700 crore (Rs 7 billion).

However, Premji has actually gained close to Rs 1,000 crore (Rs 10 billion) in the recent crash, as the share price of Wipro has defied the broader market meltdown in the past few days.

Among the companies where these five hold shares, RIL, RPL, Reliance Communications [Get Quote], Reliance Natural Resources Ltd [Get Quote] (RNRL), Wipro, Bharti Airtel and DLF saw a decline in their share prices, while RIIL, REL and R-Cap gained on the bourses.

Bharti lost 4.2 per cent, DLF shed two per cent, Wipro 1.2 per cent, RNRL 1.14 per cent, R-Comm 0.9 per cent and RPL 0.5 per cent. Among gainers, REL rose 2.8 per cent and R-Cap rose 1.6 per cent at the BSE.


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